Is it cheaper to buy or rent in Denver? That is the 20,000 dollar question!
The short answer is it’s cheaper to rent – kind of. If you pay rent for the same length of, say, a 15-year fixed-rate mortgage, your monthly rent payment is likely less than the monthly mortgage payment on a 15-year mortgage.
But at the end of those 15 years, as a renter you don’t own the property; while as a homeowner, you do.
It’s Important to Consider the Advantages of Renting and the Advantages of Owning a Home When Determining Whether it is Cheaper to Buy or Rent in Denver.
There are advantages to both renting and owning your Denver home.
One big advantage of being a renter is that you do not have to pay for upkeep and maintenance. If you buy a home that needed massive amounts of repairs, for example, you may end up spending more on repairs than a renter would have over 15 years.
Although, even though homeowners may pay more in repairs, they will have an extremely valuable asset once the home is paid off. Homes can often be resold for more than what the homeowner paid for it. Plus, even before the home is paid off, homeowners can develop equity which they can borrow against.
Still Not Sure Whether it is Cheaper to Buy or Rent in Denver in Your Situation? Phyllis Ursetta Can Provide One-On-One Support and Guidance.
Looking for additional advice on whether you should buy a home in Denver? Then look no further! Phyllis Ursetta — a Denver-born-and-raised Italian — has owned her award-winning Denver brokerage for nearly 30 years. Phyllis began her Real Estate career with Dana Crawford in 1991, the early days of the “Loft Craze” in downtown Denver, before starting her own Company, Integrity Realty, in 1992.
Today, Phyllis continues to be a high producer of real estate sales. She is currently available to help folks who are considering buying a home in Denver. Give her a call to start talking strategy, and let her put her decades of experience in this very market to use to make your real estate dreams come true.
